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<p><a href="http://www.greenkogroup.com/" target="_blank" rel="noopener">Greenko</a>, a renewable energy project developer, raised ₹30 billion (~$461 million) through the sale of onshore rupee-denominated bonds. The bonds will mature in 2027. The bonds have a call option after five years and will pay interest semi-annually.</p>
<p>According to reports, the bonds have a tenure of 10 years and a coupon rate of 8.75 percent. Greenko made the sale through its special purpose vehicles (SPVs) that operate solar projects in India. JP Morgan Chase arranged the offering for Greenko’s SPVs.</p>
<p>The 10 SPVs will develop and operate a 500 MW solar power project at Kurnool Solar Park in the southern Indian state of Andhra Pradesh.</p>
<p>In 2017, Greenko has been aggressively raising fund its expansion plans. In <a href="https://mercomindia.com/greenko-raises-155-million-equity-funding/" target="_blank" rel="noopener">March</a>, the company raised $155 million (~₹10.14 billion) in equity funding from an affiliate of GIC and a wholly-owned subsidiary of Abu Dhabi Investment Authority (ADIA).</p>
<p>In <a href="https://mercomindia.com/greenko-completes-sunedison-india-acquisition/" target="_blank" rel="noopener">2016</a>, Greenko became one of the largest renewable energy players in India after the acquisition of SunEdison’s 587 MW Indian wind and solar projects for a cash payment of $42 million and assumption of project-level debt of $350 million (at an average interest rate of 11.3 percent).</p>
<p>According to Mercom’s <a href="https://mercomindia.com/product/india-solar-project-tracker/" target="_blank" rel="noopener">India Solar Project Tracker</a>, Greenko has operational solar portfolio of 864 MW and 425 MW of solar projects under development.</p>
<p>Image credit: Greenko</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/saumy/" class="vcard author" rel="author"><span class="fn">Saumy Prateek</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/saumy-edited-1.png" width="50" /></p>
<p><strong style="text-decoration: underline">Saumy Prateek</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/saumy/" target="_blank" rel="noopener">More articles from Saumy Prateek</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/saumy-edited-1.png" width="79" height="102" /><a href="https://mercomindia.com/author/saumy/" rel="noopener"><strong>Saumy Prateek, </strong> </a>is a senior staff reporter with MercomIndia.com covering business and energy news since 2016. Prior to Mercom, Saumy was a copy editor at Thomson Reuters. Saumy earned his Bachelors Degree in Journalism &amp; Mass Communication from the Manipal Institute of Communication at Manipal University.<a href="https://mercomindia.com/author/saumy/">More articles from Saumy Prateek.</a></div>
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Greenko Raises $461 Million Through Sale of Rupee-Denominated Bonds

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